Citi to Purchase Best Buy Credit Card Portfolio

Citi to Purchase Best Buy Credit Card Portfolio

Citigroup is buying Capital One's portfolio of Best Buy branded credit cards, allowing Capital One to end its Best Buy agreement early. The cards have loan balances of about $7 billion. The financial details were not released. The sale is expected to occur in the third quarter of 2013.

Capital One purchased the Best Buy portfolio from HSBC two years ago.

Citigroup already issues and manages retail cards for Macy's, Sears and Home Depot. Citi has almost 90 million store-branded accounts as it tries to grow in an area it once tried to sell.

Citi Retail Services CEO Bill Johnson said in a statement that the bank wanted "to grow and enhance Best Buy's relationships with their loyal and valued customers."


This entry was posted in Credit Card News and tagged , , , , , , by Natalie Rutledge. Bookmark the permalink.
The information contained within this article was accurate as of February 20, 2013. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website.
Editorial Disclosure
LowCards.com is an independent, for-profit web site. LowCards.com participates in the Affiliate Network, and receives compensation from most of the credit card issuers whose offers appear on the site. This compensation helps support our website and enables us to write insightful articles to help you manage your credit card accounts. This compensation, as well as the likelihood of applicants’ credit approval and our own proprietary website guidelines, may impact how and where the cards appear on our site.

LowCards.com does not include all credit card companies or every available credit card offer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Every reasonable effort has been made to maintain accurate information, however credit card offers change frequently. After you click on an offer you will be directed to the credit card issuer’s secure web site where you can review the terms and conditions for your offer.

About Natalie Rutledge

Natalie Rutledge majored in Communications at Mississippi State University. She was in sales for a number of businesses and spent nine years working as a communications advisor to various entities. Natalie can be contacted directly at [email protected]